Home Buying in Boston>Question Details

Sobko100, Home Buyer in Lowell, MA

Are 10-10-80 loans still available in the Boston Area for couples with excellent credit?

Asked by Sobko100, Lowell, MA Mon Mar 19, 2012

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9
Hi, Sobko100.

Piggyback loans are alive and well and we offer them here at Annie Mac Home Mortgage in Waltham. We also offer other PMI alternative solutions if you're interested in them too.

Please tell me something though. What about the 80-10-10 option is appealing to you? The reason I ask is because the piggyback loan evolved as a PMI alternative before PMI became tax deductible (beginning December 2007). For many homeowners the PMI is now FULLY tax deductible and this has made the piggyback option less popular these days. These days traditional PMI typically provides the best monthly savings AND tax benefits. The government finally got this one right.

Everyone's situation and goals are unique though. Please give me a call @ 781-258-1293 when you're free. We can run some numbers and see which option will work best for you. We have great programs and rates and I'm local and can meet with you in person. No cost and no obligation.

Thanks,

Scott
0 votes Thank Flag Link Mon Apr 16, 2012
There is a plan for every buyer - still. With good credit, your options are much more varried. If you don't have a local lender yet, ask the bank where you bank, just to start with. they will often want your good business. Once you know something is possible, asking other enteties if they can "beat" the first lender amy produce a viable option worth considering.


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0 votes Thank Flag Link Thu Mar 22, 2012
Absolutely! Just put a unit under agreement in the Back Bay and buyer easily secured 80-10-10 financing. I'd be happy to forward you the mortgage broker's contact info if interested.
0 votes Thank Flag Link Mon Mar 19, 2012
Great question I believe I just read about that somewhere but cannot remembe where. Call a mortgage Professional in you area that is your best bet!
0 votes Thank Flag Link Mon Mar 19, 2012
There are a few however you should start by meeting with a local and trusted loan officer who can prequailify you at no cost and after looking at your credit and financials let you know what programs are available and can outline the costs, pros and cons of each. These second mortgage programs are a leading factor to what resulted in so many foreclosures.
0 votes Thank Flag Link Mon Mar 19, 2012
Yes absolutely. My company writes these all the time. feel free to contact me for a scneario and pre-approval.

thanks!
0 votes Thank Flag Link Mon Mar 19, 2012
There are a few lenders that still offer an 80-10-10. However It may not be a better option over 90% financing with mortgage insurance. If your credit is excellent the Mortgage insurance rate you can obtain may end up being a lower mortgage payment and the MI can be dropped. The 10% sencond mortgage will remain in place until it is paid off.
0 votes Thank Flag Link Mon Mar 19, 2012
Not that I know of. 90% financing is not an issue with PMI or LPMI (which incorportes the pmi into the rate).
0 votes Thank Flag Link Mon Mar 19, 2012
Yes and no. It depends on the property you are buying.
0 votes Thank Flag Link Mon Mar 19, 2012
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